Tuesday, February 23, 2016

Losing Contact

"The Waltham e-mail marketing firm Constant Contact Inc. has eliminated more than 200 jobs across its worldwide operations days after it was acquired for $1.1 billion by Endurance International Group Holdings Inc. of Burlington. “Constant Contact is an exceptionally strong business and will play a key role in Endurance’s family of brands,” Endurance’s chief operating officer, Ron LaSalvia, said in a statement. “Any time you bring together two strong public companies, there is naturally going to be some overlap.” Constant Contact, which manages e-mail marketing campaigns, had about 1,400 employees as of late 2015. LaSalvia said the company has cut 15 percent of the workforce, which is at six US facilities and a London office. The company did not disclose how many jobs were cut in Waltham. Endurance agreed to buy Constant Contact for $32 a share, a 23 percent premium over Constant Contact’s stock closing price on Oct. 30. The acquisition raises Endurance’s debt to around $2 billion, giving it a strong incentive to cut costs. Endurance is the second-largest US provider of Internet hosting services for small businesses, after GoDaddy Operating Co."

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